Tianlong Optoelectronics' Protection Strategy And Effect Analysis

In the context of supply-side structural reforms,effective resource allocation is the “highlight” of my country's current economic environment.The clearing of zombie companies and the effective use of “shell resources” can better implement the delisting system,which will reduce scarcity.One of the main tasks of the supply-side reform is to use the "knife edge" of the listed resources of the company.Under the current environment of the introduction of new asset restructuring regulations and the implementation of the registration system,the delisting system is also in the process of continuous improvement.The value of "shell resources" has been affected to a certain extent,so it is necessary to protect the financially distressed companies on the verge of delisting.The strategy and effect of this are even more important.There are three main reasons for choosing Tianlong Optoelectronics in this article: Tianlong Optoelectronics is a high-quality company listed on the GEM in the early stage;it may become one of the delisting companies on the GEM under the implementation of the new registration system;and the structural reform on the supply side will vigorously optimize the background of resource allocation.Next,as a typical representative of the perennial shell-preserving companies,it has a representative role in the research on the shell-preserving strategy of "shell resources" companies.This article is divided into six parts.The first part is the introduction.It uses the literature research method to sort out the related literature on the motivation,strategy,and effect of the listed company's shell protection.It can be roughly summarized as the value of "shell resources" leading to the company's shell protection.Shell strategies often have different effects on companies.The second part is related theoretical analysis.The related theories are introduced,and the main content of the approval system and registration of listed companies and the differences between the two are sorted out,and then a simple theoretical analysis is made on the influence mechanism of the case analysis to provide ideas for specific cases.The third part is mainly an introduction to the background of the case.Including the company's development status,development history,controller changes,reasons for losses,and motivation analysis,it was found that the company had changed the actual controller many times,and the main reason for it being reduced to a "shell" was its low innovation ability and the industry environment Pressure;poor sales due to reduced market share,inventory accumulation,and idle production lines,resulting in a large amount of asset impairment losses;coupled with the shortage of cash flow caused by the poor collection of accounts receivable and the financing difficulties caused by consecutive years of losses,thus It has formed an unsustainable situation at the moment.Based on the value motive of "shell resources" and the motivation of managers' compensation,it has started its long-term shell preservation behavior.The fourth part is to use the case analysis method to analyze the shell protection strategy and effects of specific cases.Through the analysis of corporate announcements,we can see that the shares of the shareholding company were sold through related party transactions in 2014,the reversing order was completed in 2017 and in 2020.Signed a major contract with the construction qualification of the acquired subsidiary,and analyzed the effects of these three shell protection strategies.It was found that none of the three shell protection strategies achieved sustainable operation.It was concluded that high-tech enterprises should choose a reasonable shell protection plan.At the same time,more attention should be paid to the continuity of operations after the preservation of the shell,and a long-term business strategy should be established.In this regard,relevant suggestions are put forward for the long-term development of the company: do market research and avoid blind expansion;add innovation to create a new driving force for development.